Southern Textile Association Inc
- Assets
- $231.1k
- Revenue
- $216.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Belmont, NC
- Founding
- 07/1996
- Data as of
- 06/2023
- EIN
- 56-0793373
Organization Overview
Southern Textile Association Inc is located in Belmont, NC. The organization was established in 1996. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southern Textile Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Southern Textile Association Inc generated $216.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $201.9k during the year ending 06/2023. While expenses have increased by 1.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE ASSOCIATION AS STATED IN ITS CHARTER IS TO PROMOTE GOOD FELLOWSHIP AMONG ITS MEMBERS; TO EXCHANGE PROFESSIONAL KNOWLEDGE AND EXPERIENCE ON SUBJECTS RELATING TO TEXTILE MANUFACTORING; TO PROMOTE OTHER SOCIAL, EDUCATIONAL, PERSONNEL RELATIONS, RESEARCH AND OTHER SCIENTIFIC ACTIVITIES FOR THE BENEFIT OF THE MEMBERS, THEIR COMPANIES, AND THE RELATED INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL MEETING- THE ANNUAL MEETING IS A TWO DAY MEETING CONSISTING OF NETWORKING AMONG ATTENDEES, A BOARD OF GOVENORS MEETING, AND TECHNICAL PRESENTATIONS. BENIFITS ALL MEMBERS OF THE ASSOCIATION.
THE PURPOSE OF THE ASSOCIATION AS STATED IN ITS CHARTER IS TO PROMOTE GOOD FELLOWSHIP AMONG ITS MEMBERS; TO EXCHANGE PROFESSIONAL KNOWLEDGE AND EXPERIENCE ON SUBJECTS RELATING TO TEXTILE MANUFACTORING; TO PROMOTE OTHER SOCIAL, EDUCATIONAL, PERSONNEL RELATIONS, RESEARCH AND OTHER SCIENTIFIC ACTIVITIES FOR THE BENIFET OF MEMBERS, THEIR COMPANIES, AND THE RELATED INDUSTRY.
SUMMER MARKETING FORM- CONSISTS OF MEMBER NETWORKING AND MARKETING PRESENTATIONS. BENIFITS ALL MEMBERS OF THE ASSOCIATION.
WINTER SEMINAR- CONSISTS OF MEMBER NETWORKING AND TECHNICAL PRESENTATION. BENIFITS ALL MEMBERS OF THE ASSOCIATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nathan Fisher 2nd Vice Pre | Officer | $0 | |
Sandy Hamilton Secratary | Officer | $0 | |
Cameron Hamrick Chairman | Officer | $0 | |
Charles Poston President | Officer | $0 | |
Evans Tindal 1st Vice Pre | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $212,476 |
| Investment income | $3,814 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $216,812 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $37,572 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $2,652 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,075 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $76 |
| Insurance | $0 |
| All other expenses | $492 |
| Total functional expenses | $201,871 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $231,556 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$500 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $231,056 |
| Accounts payable and accrued expenses | -$3,877 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | -$3,877 |
| Net assets without donor restrictions | $234,933 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $231,056 |